1. Soybeans Higher Overnight on Demand News
Soybeans were higher in overnight trading as China sought supplies of U.S. agricultural products this week.
China on May 5 purchased 378,000 metric tons of soybeans from the U.S., of which 136,000 tons were scheduled for delivery in the current marketing year and the rest set for shipments in the 2020-2021 year that starts on Sept. 1, according to the Department of Agriculture.
Yesterday, the Asian nation bought 686,000 metric tons worth of corn including 371,000 tons for delivery this marketing year and the rest for delivery after Sept. 1, the USDA said.
Freeze and frost warnings have been issued heading into the weekend for much of the Midwest, which puts plants that have started growing at risk. That’s also underpinning soybean and grain prices.
Soybean futures rose 5 to $8.49½ a bushel overnight on the Chicago Board of Trade, while soymeal gained $1 to $289.10 a short ton and soy oil added 0.30¢ to 26.56¢ a pound.
Corn futures for May delivery rose 1¢ to $3.19 a bushel.
Wheat futures for July delivery fell 1¢ to $5.21½ a bushel overnight, and Kansas City futures added ¼¢ to $4.79 a bushel.
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**2. Export Sales Last Week Lower Across the Board
Export sales of corn, wheat, and beans all dropped week-to-week, according to the USDA.
Corn sales in the seven days that ended on April 30 came in at 774,600 metric tons, down 43% from the previous week and 36% from the prior four-week average, the agency said in a report.
Mexico was the big buyer at 141, 000 metric tons, followed by Colombia at 139,600 tons, and Saudi Arabia at 110,500 tons. Guatemala bought 76,400 tons of U.S. corn and Taiwan purchased 74,900 tons.
The total would have been higher but an unknown country canceled shipments for 90,100 metric tons and El Salvador nixed a shipment for 23,400 tons.
Sales for the 2020-2021 marketing year that starts on Sept. 1 totaled 97,500 metric tons, the government said.
Wheat sales dropped to 244,800 metric tons last week, down 48% from the prior week and 15% from the average, the USDA said.
The Philippines bought 68,900 metric tons, Vietnam was in for 66,300 tons, Indonesia purchased 55,000 tons, South Korea took 50,000 tons, and Mexico bought 26,200 tons. Bangladesh canceled 50,200 tons in shipments, and Canada nixed 11,900 tons, the report said.
For the 2020-2021 marketing year, export sales totaled 135,300 metric tons.
Soybean sales to overseas buyers were reported at 653,100 metric tons, down 39% week-to-week, but up 19% from the average, the government said.
China purchased 287,900 metric tons, an unnamed country took 115,400 tons, Mexico bought 71,100 tons, Egypt was in for 50,900 tons, and Algeria bought 45,000 tons.
For the 2020-2021 marketing year that starts at the beginning of September, sales totaled 177,500 tons, the USDA said.
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3. Freeze and Frost Warnings Issued For Tonight in Much of the Midwest
Freeze warnings and frost advisories have been issued for much of the Midwest while severe thunderstorms are hammering parts of southern Arkansas and Louisiana, according to the National Weather Service.
In southern South Dakota, southern Minnesota, and northern Iowa, temperatures will fall into the upper 20s overnight tonight into Saturday morning, the NWS said in a report early Friday.
Farther east, in northern Indiana and northern Ohio, temperatures as low as 25°F. are forecast, the agency said.
Freeze warnings have been issued from South Dakota southeast into Tennessee, east almost to the Atlantic Ocean, and as far north as north-central Wisconsin, weather maps show.
About 8% of the U.S. corn crop has emerged, the USDA said earlier this week. Just over half of the crop was planted as of Sunday. Some 23% of the soybean crop was in the ground at the start of the week.
In Missouri, meanwhile, a frost advisory has been issued for tonight.
Low temperatures are expected to be in the low- to mid-30s in much of the state, the NWS said.
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